[grotsnot]

It's just an outlier to the trend. So "exclude" in this case is just a qualifier to the statement and doesn't reflect an actual desire to treat the company differently.

[SilasX]

Okay, but the fundamental thing that differentiates startups is that outliers dominate the results and change their aggregate properties. You might as well say that Scuzzball Fire Insurance honored all of its obligations, except the few houses that burned down.

[darkclarity]

Spotify's an integral part of the entertainment industry, there's little point treating it as anything other than an oddity.

[s_dev]

Exactly - this was the additional comment I was about to provide. It's to emphasise Spotify was the funding for Q1 in Europe.